Tax Audit for FUTURES & OPTIONS.

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roameri (Querist)
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23 January 2008 F & O is treated as a business income from Ass Yr. 05/06.
For Tax Audit purpose how is the turnover to be calculated ?
I understand that the ICWAI has some note on this which indicates that the transaction value is to be taken as the set off between purchase and sale. Is this correct?
Could you also pl. give the official source of reference for this ?
Thanks,
Jamshed F. Mehta

roameri

roameri (Querist)
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23 January 2008 Sorry I meant ICAI not ICWAI.
Jamshed F. Mehta

CA PRAMOD SARAOGI

CA PRAMOD SARAOGI (Expert)
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24 August 2010 In case of F & O , aggregate of net positive and negative balance at the end of each trading day is to be taken as the turnover of the business.

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